StarStone, the global specialty insurer and subsidiary of Enstar Group Ltd., announced a joint venture partnership with Malakite Underwriting Partners Ltd., a managing general agent in Dubai, subject to regulatory approval.
Led by managing partner Giles Hussey, Malakite will target specialty business in the Middle East and North Africa (MENA) region and initially will offer flexible multi-class insurance for energy, marine and property terrorism risks.
Lloyd’s Syndicate 1301, managed by StarStone Underwriting Ltd., will be Malakite’s lead capacity provider, with the remainder supplied by other participating Lloyd’s syndicates.
Hussey joins from Swiss Re with more than 14 years of experience in the Middle East, where he served as head of MENA, Swiss Re Corporate Solutions. Before that Hussey was CEO, Middle East & Asia at Lancashire Insurance following an extensive broking career with JLT and Marsh.
Tim Fillingham, chief executive officer of StarStone Insurance Services Ltd., and Simon Schnorr, StarStone’s global head of marine, will join the board of Malakite, assuming the additional roles of chairman and director, respectively.
“The competitive market has created a dynamic environment for flexible carriers with the ambition and expertise to build new businesses,” said Fillingham.
“With a MENA presence in Malakite, StarStone and its partners can swiftly deploy their capabilities across key growth markets while at the same time move closer to clients,” he added.
“Having the right people in place breeds success and Giles, with his impressive track-record and insurance acumen, brings local connections that will be instrumental in developing this new venture,” Fillingham went on to say.
Hussey said: “Giving clients access to flexible capacity, specialty expertise and locally relevant solutions is a founding principle of Malakite. This, combined with the operational capability and financial strength of Lloyd’s, will provide clients in the region with the very best the market has to offer.”
About Malakite and StarStone
Launched in 2016, Malakite is a multi-line Middle East and Africa-focused independent specialty insurance underwriting company, delivering a range of energy, marine and property terrorism solutions from its central hub in Dubai.
StarStone is an A- rated insurance group with six wholly owned insurance platforms, including Lloyd’s Syndicate 1301. It underwrites business across the property, specialty and casualty risk classes from operations in London, Continental Europe, the United States and Australia.
Source: StarStone and Malakite
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